The North America tissue engineering market is expected to reach US$ 12,230. 37 million by 2027 from US$ 4,456. 95 million in 2019; it is estimated to grow at a CAGR of 13. 8% during 2020–2027. The market growth is primarily attributed to the increasing incidences of chronic diseases, road accidents, and trauma injuries, and technological advancements in 3D tissue engineering techniques.
New York, Sept. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Tissue Engineering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material Type, Applications, and Country" - https://www.reportlinker.com/p05974412/?utm_source=GNW
High cost associated to the tissue engineering process is one of the major factors restraining the growth of the market.
Additionally, increasing financial contributions by government and private sector are likely to fuel the growth of the North America tissue engineering market during the forecast period.
Tissue engineering is a blend of material methods and cellular activities.This approach involves the use of physicochemical and biochemical attributes of humans to replace the biological tissues and strengthen them.
It is an innovative technology that works either separately or in conjunction with scaffolds, stem cells, regenerative medicine, and growth factors or negotiators. The process utilizes molecular and cellular processes in combination with the principles of material engineering to surgically repair and restore tissue.
According to the US Centers of Medicare and Medicaid, more than 900 million surgeries are performed for bone reconstruction or replacement.This has resulted in urgent need for increasing the grants and funding for tissue engineering; government funding for the ongoing research for tissue regeneration is a major driver for market growth in North America.
According to the National Institutes of Health (NIH) funding study in 2018 , the research studies related with tissue engineering and regenerative medicines in US has received funding of USD 1.8 and USD 1.0 billion, respectively.
The US government is also encouraging innovation in healthcare through funding and establishing manufacturing hubs.For instance, in 2014, the National Institutes of Health established a 3D bioprinting Exchange to promote open-source sharing of biomaterial and other technologies used in tissue engineering.
Moreover, the US FDA currently approves dental, orthopedics, and craniomaxillary tissue engineering products, and the expected approvals for other tissue engineered products in other therapeutic segments would also offer significant opportunities in the North America market. In 2019, Aspect Biosystems (Canada) collaborated with the National Research Council of Canada to develop a new tissue engineered therapeutic model for the treatment of various central nervous system diseases, including Alzheimer’s disease.
In the US, due to an increasing number of COVID-19 infected patients, healthcare professionals and leading organizations are rechanneling the flow of healthcare resources from R&D to primary care, which is slowing down the process of innovation.Further, the COVID-19 pandemic is also hindering the conduct of clinical trials and drug development, and the operations of diagnostic industry in the US.
For instance, Stryker Corporation, a well-known player in the tissue engineering industry, has diverted operations to manufacture COVID-19 diagnostics and PPE kits.Moreover, according to a recent survey by Medscape in July 2020, substantial disruption has been witnessed in routine research activities that include tissue engineering and regenerative medicines as a result of the COVID-19 pandemic.
The rapid increase in the number of the infected patients in the US and Canada is likely to result in the slowdown of the market growth in the near future.
In 2019, the biologically derived material segment accounted for the largest share of the North America tissue engineering market.The growth of the market for this segment is attributed to the rising adoption of biomaterials due to their natural regenerative potential to restore tissue functioning and ability to facilitate the on demand release of chemokines with this procedure.
Further, the synthetic material segment is likely to register the highest CAGR in the market during the forecast period.
A few of the significant secondary sources associated with the North America Tissue engineering market report are the World Health Organization (WHO), Centers of Disease Control and Prevention (CDC), National Institutes of Health (NIH), and US Food and Drug Administration (FDA).
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